Research firm Global Market Insights’ reports that the global smart transportation market is set to grow from its current market value of more than $41 billion to over $130 billion by 2024. According to the company’s recent research report, increased traffic congestion, growing pollution, and high occurrences of accidents are the major factors enabling countries to adopt the smart transportation system.
- IoT-enabled transport services are also widely being leveraged for smart parking solutions, telematics solutions, ticket management, security and surveillance, and passenger information systems.
- Roadways account for the highest share in the smart transportation market and are anticipated to dominate the market growing at a CAGR of 20 percent with USD 36 billion in 2017 to reach USD 108 billion by 2024.
- Railway sector is expected to grow at the fastest rate over the forecast period.
- Smart traffic management solutions hold the highest share in the smart transportation market with USD 9.3 billion in 2017 and are anticipated to reach USD 25.4 billion by 2024.
- Smart ticketing solutions assist cities in reducing frauds, revenue loss, and maintenance costs.
- North America is projected to dominate the smart transportation market by 2024 due to rapid deployment of smart transportation solutions.
- Asia Pacific is the fastest growing region in the smart transportation market owing to the government initiatives for development of smart city solutions in this region.
- Players operating in the smart transportation market include Accenture PLC, Cisco Systems, Inc., Cubic Corporation, General Electric Company, IBM Corporation, Siemens AG, Thales Group, and WS Atkins.
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